Bear call spread (credit)
BearishLimited profitLimited loss
Sell a call, buy a higher call: defined-risk credit if price stays down.
Payoff at expiry — live BTC example
Net credit
$23.32
Max profit
$23.32
Max loss
$976.68
Breakeven
67,023
Example legs (0.7 DTE front)
- Sell 67,000 call
- Buy 68,000 call
Entry greeks (per 1 BTC notional): Δ -0.064 · Γ -0.0946 per 1% · vega $-3.00/pt · theta $50.03/day
How it works
Short call plus a long call above it: keep the credit below the short strike, max loss capped at the width minus credit.
When to use it
You expect resistance to hold into expiry — the defined-risk version of the naked call.
Risks & management
Same asymmetry as all credit spreads: small frequent wins, occasional full-width losses. Breaches of the short strike near expiry move fast (gamma).
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.